Kofa Technologies, Ghana’s leading and fastest-growing battery-swapping network for electric bikes and small businesses, has raised $8.1 million in a pre-Series A funding round to scale its clean energy infrastructure across Africa.
The round was co-led by Kenya’s E3 Capital and Ghana’s Injaro Investment Advisors, both of which contributed equity. The total raise comprises $3.25 million in equity, $4.315 million in debt, and $590,000 in grants. Notable contributions were made by the Shell Foundation through catalytic debt and grant funding, co-financed by the UK Government’s Transforming Energy Access (TEA) platform. The round also attracted prominent European angel investors, including Richard Thwaites, founder of Penso Power—one of Europe’s leading grid-scale battery businesses.
Since launching its connected battery-swapping network in 2023, Kofa has established 10 swap stations in Accra, facilitating around 200 battery swaps per day. With this latest capital injection, the company plans to expand into three major cities across West and East Africa.
In addition to geographic growth, the funds will support the development of Kofa’s proprietary AI-driven battery management platform—a vital tool for optimizing performance and scaling operations to manage millions of batteries efficiently.
“This funding validates our vision to transform urban Africa’s energy landscape,” said Erik Nygard, CEO and Founder of Kofa. “We are committed to building the ecosystem necessary to make this a reality. The shift to cleaner energy, for both domestic and commercial use, goes beyond sustainability—it drives real economic impact. But for this transition to succeed, several key elements must come together.”
Andrew Darge, E3 Capital’s lead on the deal, added: “Having invested in Africa’s renewable energy sector for over a decade, we’ve witnessed the rise of electric mobility and battery technologies. Kofa stands out by not only building a product but creating an ecosystem that drives capital efficiency and unlocks commercial opportunities for clean energy adoption at scale. Their model aligns perfectly with our mission to support low-carbon solutions that deliver measurable, sustainable impact across the continent.”
